Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financials.

v3.20.2
Parent Company Financials.
9 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.
11. PARENT COMPANY FINANCIALS.

Restricted Net AssetsAt September 30, 2020, the Company had approximately $291,300,000 of net assets at its subsidiaries that were not available to be transferred to Pacific Ethanol in the form of dividends, distributions, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.


Parent company financial statements for the periods covered in this report are set forth below (in thousands):


    September 30,
2020
    December 31,
2019
 
Current Assets:                
Cash and cash equivalents   $ 13,816     $ 4,985  
Receivables from subsidiaries     13,345       13,057  
Other current assets     1,285       2,349  
Total current assets     28,446       20,391  
                 
Property and equipment, net     172       269  
Other Assets:                
Investments in subsidiaries     237,918       218,464  
Pacific Ethanol West plant receivable     49,937       55,750  
Right of use operating lease assets, net     3,053       3,253  
Other assets     1,344       1,452  
Total other assets     292,252       278,919  
Total Assets   $ 320,870     $ 299,579  
Current Liabilities:                
Accounts payable and accrued liabilities   $ 2,577     $ 5,907  
Accrued PE Op Co. purchase     3,829       3,829  
Current portion of long-term debt     20,000       10,000  
Other current liabilities     668       659  
Total current liabilities     27,074       20,395  
                 
Long-term debt, net of current portion     45,743       56,110  
Other liabilities     2,837       3,294  
Total Liabilities     75,654       79,799  
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     63       56  
Additional paid-in capital     963,606       942,307  
Accumulated other comprehensive loss     (2,370 )     (2,370 )
Accumulated deficit     (716,084 )     (720,214 )
Total Pacific Ethanol, Inc. stockholders’ equity     245,216       219,780  
Total Liabilities and Stockholders’ Equity   $ 320,870     $ 299,579  

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2020     2019     2020     2019  
                         
Management fees from subsidiaries   $ 2,802     $ 3,330     $ 8,928     $ 9,660  
Selling, general and administrative expenses     3,305       3,827       12,990       11,374  
Loss from operations     (503 )     (497 )     (4,062 )     (1,714 )
Interest income from subsidiaries     1,007       1,145       3,053       3,486  
Interest expense     (2,497 )     (2,276 )     (7,840 )     (7,039 )
Fair value adjustments     (6,856 )           (7,497 )      
Other expense     (41 )     (4 )     (203 )     (86 )
Loss before benefit for income taxes     (8,890 )     (1,632 )     (16,549 )     (5,353 )
Benefit for income taxes                        
Loss before benefit for income taxes     (8,890 )     (1,632 )     (16,549 )     (5,353 )
Equity in income (losses) of subsidiaries     24,105       (25,694 )     21,628       (42,509 )
Consolidated net income (loss)   $ 15,215     $ (27,326 )   $ 5,079     $ (47,862 )

    For the Nine Months Ended
September 30,
 
    2020     2019  
Operating Activities:                
Net income (loss)   $ 5,079     $ (47,862 )
Adjustments to reconcile net income (loss) to cash used in operating activities:                
Equity in (income) losses of subsidiaries     (21,628 )     42,509  
Fair value adjustments     7,497        
Depreciation     97       227  
Amortization of debt discounts     (173 )     539  
Changes in operating assets and liabilities:                
Accounts receivable     (288 )     (114 )
Other assets     1,184       173  
Accounts payable and accrued expenses     (19 )     1,950  
Accounts payable with subsidiaries           (502 )
Net cash used in operating activities   $ (8,251 )   $ (3,080 )
Investing Activities:                
Additions to property and equipment   $     $ (13 )
Net cash used in investing activities   $     $ (13 )
Financing Activities:                
Proceeds from issuances of common stock   $ 5,296     $ 3,670  
Proceeds from warrant exercises     5,500        
Proceeds from long-term debt     5,973        
Proceeds from Pacific Ethanol West     5,813       3,016  
Payments on senior notes     (5,500 )     (3,748 )
Preferred stock dividend payments           (946 )
Net cash provided by financing activities   $ 17,082     $ 1,992  
Net increase (decrease) in cash and cash equivalents     8,831       (1,101 )
Cash and cash equivalents at beginning of period     4,985       6,759  
Cash and cash equivalents at end of period   $ 13,816     $ 5,658